FAQ for USC Financial Aid

Sweetbeet
Mon, 13 Jan 2014 14:49:56 +0000

Hi all. I filed my FAFSA over the weekend, based on estimated tax figures. We’re both self-employed so we have most of the figures available even before 1099s come out. I did not worry about assets too much because they are pretty low and not really considered on the FAFSA. Probably should have waited a bit but I just wanted to get something done.

Now I’ve read some of this thread and I’m getting worried about how much our (modest 5-figure) bank accounts might cause a different result on the CSS Profile. So here’s my question. If I pay down a large credit card debt before filing the Profile, and can accurately and honestly state my account balances are at a lower level when I file the Profile (than I put on the FAFSA), will the difference in asset levels between the FAFSA and the Profile filing be an issue? I DO have a large credit card debt and WILL actually be paying it off. Since debt is not considered on either the FAFSA or Profile, this will make a big difference in our overall financial picture. So, it’s a good idea, right?